Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 137.04
Kijun-Sen- 136.65
GBPJPY is trading slightly higher and struggling to break above 137.40 for the past two days. The pound sterling is holding above 1.290 level despite weak UK data. The UK GDP came at 2.1% MoM in August compared to a forecast of 4.6%. The upbeat market sentiment on hopes of fresh stimulus from the US is putting pressure on the US dollar. GBPUSD is consolidating in a narrow range between 1.30071 and 1.28450. The short term trend of GBPJPY is slightly bullish as long as support 135.80 holds.
The pair is hovering near 200- 4H MA, any indicative break above 137.40 confirm bullish continuation. A jump till 138/139.01 (61.8% fib). It is facing strong support at 136.80, any indicative below that level targets 136.20/135.80/135/134.60/134/133.
It is good to buy on dips around 136.50-55 with SL around 135.80 for the TP of 138.
